Russia to use digital ruble in LATAM by 2025
A senior Russian politician has said that local companies will use the country's CBDC digital ruble in Latin America no later than 2025.
The comments were made by Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets.
Per Tas Aksakov, Member of Parliament for the Kanash Constituency of Chuvashia, said the digital ruble “will enter the international arena in 2025.”
He also stated that it can be used in “joint settlement” with Latin American countries.
The members of parliament spoke at the meeting in Moscow named “Russia – Latin America”.
He appealed to LATAM central banks to establish closer relations with Moscow on issues related to the CBCC.
Aksakov accepted.
“I am sure that by 2025, the digital ruble will enter the international space. And it will be used in common settlements, including for companies in Latin American countries.
The MP continued:
“We are ready to share with you our experience and development potential of blockchain technology. That will enable your central banks and companies to use this innovation on a larger scale. [digital payments] channel”
Aksakov added that the pilot could be expanded next year and culminate in a national rollout in early 2025.
he said:
We are now testing the digital ruble. I think the Digital Ruble pilot will continue for about a year: this year and several months next year.
The central bank has previously maintained its own time frames for CBCC issuance.
The bank's deputy governor said a planned rollout is expected “between 2025 and 2027.”
But as Western sanctions continue to hamper Russia's trade efforts, business leaders and politicians are looking at CBDC, the BRICS digital currency and even crypto-powered trading on USD-denoded exchanges as alternatives.
Do Russia's CBCC Plans Include LATAM Expansion?
The long-serving Aksakov is the chief architect of the country's crypto and “digital financial assets” legislation, as well as the Duma's chief interlocutor with the central bank.
He made several bullish comments on the future of the digital ruble.
This year, he said, the Russian coin could match China's digital yuan.
He also stated that the purchase of bonds on digital ruble holdings should be lifted for foreign buyers – it will allow non-Russians to buy “million” tokens.
